嘉泽新能(601619) - 2024 Q2 - 季度财报

Financial Performance - The company achieved a net profit attributable to shareholders of the parent company of approximately CNY 411.99 million for the first half of 2024, representing a significant increase compared to previous periods[3]. - The parent company reported a net profit of CNY 7.86 million for the same period, with cumulative undistributed profits amounting to CNY 1.07 billion[3]. - The net profit attributable to shareholders for the first half of 2024 was ¥411,990,689.55, down 20.58% from ¥518,778,735.00 year-on-year[17]. - The company's operating revenue for the first half of 2024 was ¥1,237,597,909.37, a decrease of 4.19% compared to ¥1,291,776,699.68 in the same period last year[17]. - The weighted average return on equity decreased by 2.40 percentage points to 6.11% from 8.51% in the same period last year[18]. - The company reported a basic earnings per share of ¥0.17, down 22.73% from ¥0.22 in the same period last year[18]. - The company's operating profit for the first half of 2024 was approximately ¥466.92 million, a decrease of 19.3% compared to ¥578.48 million in the same period of 2023[76]. - Net profit for the first half of 2024 was approximately ¥414.62 million, down 20.2% from ¥519.67 million in the first half of 2023[76]. Dividend Distribution - The proposed cash dividend distribution for the first half of 2024 is CNY 24.34 million, which accounts for 5.91% of the net profit attributable to shareholders of the parent company[3]. - The company plans to maintain a dividend distribution ratio of approximately CNY 0.10 per 10 shares, translating to CNY 0.01 per share[3]. - The board of directors has authorized the management to formulate specific mid-term dividend plans based on the conditions of profit distribution[3]. - The company has approved a profit distribution plan, proposing a cash dividend of 0.10 yuan per 10 shares[36]. - The profit distribution plan aligns with the conditions approved at the 2023 annual general meeting and does not require further shareholder approval[37]. Risks and Challenges - There are no significant risks affecting the company's normal operations during the reporting period[6]. - The company faces risks related to fluctuations in grid electricity prices due to ongoing reforms in the electricity market, which may impact future performance[32]. - Tax incentives currently enjoyed by the company could be altered or eliminated, posing a risk to operational performance[32]. - The company is exposed to wind and solar power curtailment risks, which can affect overall electricity generation due to grid capacity limitations[32]. - The transaction cycle for the company's development-construction-operation-sale model is unpredictable, typically ranging from 6 to 24 months[33]. - The company is at risk from rising interest rates, which could adversely affect financial performance[34]. - Competition for high-quality wind and solar resources is intensifying, making it more challenging for the company to secure projects[34]. Asset and Liability Management - The company's total assets increased by 8.69% to ¥21,582,925,440.98 from ¥19,857,011,558.45 at the end of the previous year[17]. - The total liabilities of the company as of June 30, 2024, amount to CNY 14.983 billion, with a debt-to-asset ratio of 69.42%[65]. - The company's long-term borrowings increased to CNY 44.04 billion, compared to CNY 33.17 billion in the previous year[68]. - The company has a total of CNY 287.688 million in convertible bonds that have not been converted, representing 22.13% of the total issued convertible bonds[63]. - The cumulative number of shares converted from the convertible bonds is 291,547,234, which accounts for 14.06% of the total shares issued before conversion[63]. Cash Flow and Investments - The net cash flow from operating activities decreased by 18.64%, amounting to ¥575,342,300.97 compared to ¥707,166,741.68 in the previous year[17]. - The investment activities generated a net cash flow of RMB -666.09 million, a decrease of 79.39% compared to the previous year[26]. - The financing activities generated a net cash flow of RMB 270.38 million, an increase of 135.65% compared to the previous year[26]. - Total cash inflow from investment activities was ¥1,205,990,947.34, significantly up from ¥49,026,013.95 in the first half of 2023[83]. - The net cash flow from investment activities was ¥1,204,996,121.13, a substantial increase compared to a negative cash flow of ¥69,643,362.82 in the same period of 2023[85]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders is 66,938[53]. - The top ten shareholders hold a total of 1,078,000,000 shares, representing 44.34% of the total shares[53]. - The actual controller Chen Bo increased his shareholding by 93,300 shares, bringing his total to 40,736,188 shares[57]. - The company has a total of 1,480,000 restricted shares held by directors and senior management, with no new grants during the reporting period[58]. - The company’s actual controller and his concerted actors plan to increase their shareholding to boost investor confidence and protect minority shareholders[58]. Environmental and Social Responsibility - The company has reduced carbon emissions by 149.88 thousand tons during the reporting period through its wind and distributed photovoltaic power generation operations[41]. - The total investment in poverty alleviation and rural revitalization projects amounted to 3.5373 million yuan, benefiting 57 people through employment opportunities[42]. Governance and Compliance - The company has confirmed that all board members attended the board meeting, ensuring the accuracy and completeness of the report[2]. - The report has not been audited, but the management has declared the financial report's authenticity and completeness[2]. - The company has established a comprehensive governance structure including a board of directors and various departments for management and control[102]. - The company’s financial statements comply with the requirements of accounting standards, accurately reflecting its financial position and operating results[107]. Accounting Policies - The company’s accounting policies include provisions for bad debts, depreciation of fixed assets, and revenue recognition[106]. - Financial assets are classified at initial recognition based on the company's management business model and cash flow characteristics[120]. - The company uses expected credit losses to assess impairment for financial assets measured at amortized cost[123]. - The company recognizes income from asset management services based on the progress of performance obligations, unless progress cannot be reasonably determined[155].